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amortize

To amortize is to gradually pay off a debt. A bank will help you amortize a loan so that you can make a monthly payment until you've paid back the entire amount.

A simple way to understand the verb amortize is "make monthly payments on a debt." More specifically, to amortize is to pay down the total amount of the loan a little bit at a time, rather than only covering fees or interest on top of the loan amount. Someone whose bank amortizes their car loan makes a payment each month, gradually reducing the total amount they owe. Amortize stems from a Vulgar Latin word meaning "extinguish."

Definitions of amortize
  1. verb
    liquidate gradually
    synonyms: amortise
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    type of:
    liquidate, pay off
    eliminate by paying off (debts)
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